Core Viewpoint - The company is adopting a "phasing out the old and building the new + green intelligence" strategy for fleet renewal, focusing on low-carbon and smart new energy vessels while disposing of outdated and inefficient ships [2] Group 1: Fleet Renewal Strategy - The company plans to deliver 6 new ships by 2026, adding nearly 500,000 deadweight tons of capacity, with over 30% of the fleet being green capacity [2] - The average age of the fleet is currently 7 years, which is below the industry average [2] Group 2: Ship Type Planning - The ship type planning focuses on dry bulk core, primarily using Panamax vessels while also considering handy size [2] - The new additions include 63,500-ton low-carbon smart bulk carriers and 89,000-ton methanol dual-fuel bulk carriers, suitable for transporting bulk commodities like grain and iron ore [2] - Some new ships are designed with the capability for future methanol dual-fuel retrofitting, allowing for fuel transition [2] Group 3: Emission Reduction Initiatives - The company implements a "dual-wheel drive" approach for carbon reduction, focusing on "energy efficiency improvement + fuel transition," with new ships featuring reduced fuel consumption and meeting emission standards [2] - Four new ships are equipped with methanol dual-fuel main engines to hedge against carbon cost impacts [2] - The company is also advancing environmental retrofitting of existing vessels to comply with IMO emission reduction regulations and EU carbon tax [2] Group 4: Technological Innovations - The company is building an intelligent shipping platform and a Maritime Operations System (MOS) to optimize route planning and enhance operational efficiency [2] - Exploration of innovative scenarios such as drone maritime applications is also underway [2]

（文章来源：证券日报） 证券日报网2月5日讯 ，国航远洋在接受调研者提问时表示，2026年干散货航运将呈"需求增长、供给偏 紧、运价上行"态势。需求端，全球干散货贸易量持续增长，西芒杜铁矿石长航程拉动吨海里需求，粮 食、有色矿产需求也助推运价。供给端，2025年新船订单创五年新低，船队老龄化与IMO能效监管趋 严，新增运力释放放缓。在2025年淘汰老旧船的基础上，2026年公司表现可期，已投运1艘6.35万载重 吨低碳智能散货船，全年将交付6艘新船（2艘6.35万吨低碳智能、4艘8.9万吨甲醇双燃料），新增运力 近50万载重吨，主力服务欧美及东亚粮食、矿石航线。新船单船油耗低、EEDI达IMO最高要求，契合 减排新规，助力锁定优质客户、提升盈利，同时深化数字化运营，动态优化航线，提升周转率与毛利 率。广大投资者还应密切关注行业周期性及运价波动等多重市场风险，且公司预计经营情况不代表最终 实际经营情况，敬请审慎做出投资决策，切实防范投资风险。 ...

Group 1: Investor Relations Activities - The company participated in the Guohai Securities 2025 Summer Strategy Conference and Dongwu Securities Mid-term Strategy Conference on May 9, 2025 [3] - Attendees included Guohai Securities, Dongwu Securities, Huaxin Securities, Junhe Capital, and Fuli Hui [3] Group 2: New Vessel Delivery and Capacity Growth - In 2024, the company plans to deliver 6 new vessels and aims to add 2-3 green low-carbon vessels in 2025, enhancing operational capacity [4] - The company has established long-term strategic partnerships with two major state-owned shipping giants to expand collaboration and improve industry influence [4] - 2025 marks the year when 6 low-carbon green vessels will achieve full operational capacity, expected to significantly enhance operational efficiency and cost control [4] Group 3: Foreign Trade Routes and Market Positioning - The company's overseas shipping revenue is projected to increase from 58% in 2023 to 67% in 2024, indicating a strong operational and economic performance [5] - The company has developed a global trade route network covering Europe, Australia, the Americas, Southeast Asia, East Asia, South Asia, and Africa, enhancing its core competitiveness [5] Group 4: Future Vessel Plans and Development Strategy - The company has ordered 4 methanol dual-fuel bulk carriers, set for delivery between late 2025 and 2026, aimed at reducing carbon emissions [6] - Additionally, 2 low-carbon intelligent bulk carriers are set to begin construction, equipped with smart management systems to improve operational efficiency [6][7] - The company is committed to green sustainable development and will increase investments in green shipping technology and digital management [7] Group 5: Market Outlook and Client Relationships - Global dry bulk shipping trade volume is expected to reach 5.775 billion tons in 2025, continuing a growth trend [8] - The growth rate of the dry bulk fleet is controlled within 3.5% since 2023, indicating a slowdown compared to previous years [8] - The company has established stable long-term relationships with core clients, ensuring the ability to meet diverse global transportation needs [8]